Kitsilano Condo

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An overview of the new rules and changes to the BC real estate market

The BC NDP have released a 30 point plan to address Metro Vancouver’s lack of affordable housing and speculation in the real estate market.  Here’s a brief overview:

Affordability

  • 6 billion will be invested over the next 10 years to create 114,000 affordable homes. 
  • better tracking of pre-sale condo assignments by developers
  • beneficial ownership will be disclosed and tracked
  • further transparency in real estate transactions and enforcement 

Property Transfer Tax

Effective immediately the property transfer tax on residential properties will increase from 3 percent to 5 percent. 

Foreign Buyer Tax 

  • The foreign buyer tax will be increased from 15 percent to 20 percent starting effective immediately.
  • The tax will extended to Nanaimo and the Island, Fraser Valley, and the Central Okanagan areas.

Speculation Tax

  • A speculation tax aimed will now be applied on residential properties for foreign and domestic homeowners who don’t pay income tax in BC.  
  • The taxable amount will be $5 per $1000 of assessed value initially in 2018. (eg. $500,00 home pays $2500 tax) It will then increase to $20 per $1000 assessed value in 2019 (eg. $500,000 home pays $10,000).
  • The tax will extend to Metro Vancouver, Fraser Valley, Island and Nanaimo, and Kelowna areas.

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